The NSW Government announced a third round of
stimulus on 2 April, 2020 targeted at small business employers. The new assistance scheme involves the NSW
government providing $750m to a Small Business Support Fund with eligible
businesses able to apply for a grant of up to $10,000.

To be eligible, businesses will need to :

have between 1-19 employees and a turnover of more than $75,000

a payroll below the NSW Government 2019-20 payroll tax threshold of $900,000

have an Australian Business Number as at 1 March 2020, be based in NSW and employ staff as at 1 March 2020

be highly impacted by the Public Health (COVID-19 Restrictions on Gathering and Movement) Order 2020 issued on 30 March 2020

use the funding for unavoidable business costs such as utilities, overheads, legal costs and financial advice

provide appropriate documentation upon application.

The definition of highly impacted is expected
to be a 75% decline in revenue over a certain period.

It is expected that businesses such as cafes,
restaurants, gyms and boutique accommodation providers are to be the most
likely recipients.

The grants will be tax free and applications
will be available through Service NSW within the next two weeks and remain open
until 1 June, 2020.

The information contained on this website and in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. Taxation, legal and other matters referred to on this website and in this article are of a general nature only and are based on our interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.